OHIO FORECLOSURE ACTIVITY INCREASES 16 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 152 Percent From a Year Ago; Foreclosure Rate and Total in Top 5

 

IRVINE, Calif. – June 15, 2007 – Ohio documented 13,214 foreclosure filings in May, an increase of 16 percent from the previous month, and a 152 percent increase from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“The foreclosure rate in Ohio is almost twice the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “Moreover, Ohio is currently experiencing one of the worst housing slumps in decades. Homes sales fell 5.8 percent in the first quarter and the average price has declined 1.5 percent. Add to that a slowing economy, manufacturing job losses and aggressive lending practices that were barely regulated and you begin to understand why many Ohio borrowers are being pushed into foreclosure.”

 

Ohio ranked third in the country in total foreclosures reported in May. The state’s foreclosure rate of one foreclosure filing for every 362 households ranked 5th highest among the 50 states.

 

Five counties account for bulk of state foreclosures

The combined foreclosure filings in five counties accounted for 64 percent of all foreclosures in Ohio for May. Cuyahoga County documented the state’s highest foreclosure total for the month, with 3,821 foreclosure filings. Franklin County documented the second highest foreclosure total in the state, with 1,668 foreclosure filings. Montgomery County had the state’s third highest foreclosure total, 1,310 foreclosure filings. Hamilton County documented the state’s fourth highest foreclosure total, 931 foreclosure filings, and Lucas County rounded out the state’s top five, reporting 723 foreclosure filings in May.

 

Cuyahoga County leads state in foreclosure rate

Cuyahoga County posted Ohio’s highest foreclosure rate in May, with one foreclosure filing for every 161 households — 2.2 times the state average and 4.1 times the national average. Montgomery County registered the second highest foreclosure rate, reporting one foreclosure filing for every 190 households — 1.9 times the state average and 3.5 times the national average. Delaware County posted the third highest foreclosure rate, with one foreclosure filing for every 246 households — 1.5 times the state average and 2.7 times the national average. Fairfield County posted the state’s fourth highest foreclosure rate, with one foreclosure filing for every 249 households — 1.5 times the state average and 2.6 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in Ohio accounted for nearly 8 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                                Ohio Foreclosure Market by County – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Ohio

4,133

4,096

0

0

4,985

13,214

362

1.81

n/a

 

 

 

 

 

 

 

 

 

Adams

1

0

0

0

0

1

11,822

0.05

0.03

Allen

2

8

0

0

1

11

4,022

0.16

0.09

Ashland

26

6

0

0

7

39

534

1.22

0.68

Ashtabula

0

70

0

0

45

115

381

1.72

0.95

Athens

10

0

0

0

3

13

1,915

0.34

0.18

Auglaize

0

4

0

0

9

13

1,421

0.46

0.25

Belmont

0

1

0

0

3

4

7,809

0.08

0.05

Brown

0

4

0

0

9

13

1,323

0.49

0.27

Butler

93

12

0

0

76

181

717

0.91

0.50

Carroll

0

0

0

0

0

0

n/a 

0.00

0.00

Champaign

1

0

0

0

13

14

1,135

0.57

0.32

Clark

2

46

0

0

45

93

657

0.99

0.55

Clermont

49

80

0

0

86

215

322

2.03

1.12

Clinton

2

3

0

0

4

9

1,842

0.35

0.19

Columbiana

2

6

0

0

2

10

4,608

0.14

0.08

Coshocton

1

1

0

0

6

8

2,013

0.32

0.18

Crawford

12

12

0

0

1

25

847

0.77

0.43

Cuyahoga

683

1,270

0

0

1,868

3,821

161

4.06

2.24

Darke

1

3

0

0

12

16

1,349

0.48

0.27

Defiance

0

1

0

0

0

1

16,040

0.04

0.02

Delaware

135

5

0

0

32

172

246

2.66

1.47

Erie

3

5

0

0

3

11

3,182

0.20

0.11

Fairfield

70

89

0

0

34

193

249

2.64

1.46

Fayette

9

13

0

0

21

43

277

2.37

1.31

Franklin

627

595

0

0

446

1,668

282

2.32

1.28

Fulton

6

0

0

0

4

10

1,623

0.40

0.22

Geauga

0

3

0

0

7

10

3,281

0.20

0.11

Greene

42

15

0

0

39

96

607

1.08

0.59

Guernsey

0

0

0

0

1

1

18,771

0.03

0.02

Hamilton

231

480

0

0

220

931

401

1.63

0.90

Hancock

51

2

0

0

11

64

465

1.41

0.78

Hardin

0

13

0

0

22

35

369

1.78

0.98

Harrison

0

0

0

0

0

0

n/a 

0.00

0.00

Henry

0

11

0

0

0

11

1,058

0.62

0.34

Highland

0

19

0

0

18

37

475

1.38

0.76

Huron

2

5

0

0

2

9

2,622

0.25

0.14

Jackson

0

3

0

0

0

3

4,636

0.14

0.08

Jefferson

55

0

0

0

0

55

604

1.08

0.60

Knox

1

0

0

0

0

1

21,793

0.03

0.02

Lake

69

42

0

0

49

160

584

1.12

0.62

Lawrence

5

1

0

0

3

9

3,021

0.21

0.12

Licking

0

3

0

0

39

42

1,399

0.46

0.26

Logan

0

2

0

0

23

25

863

0.76

0.42

Lorain

120

93

0

0

224

437

255

2.57

1.42

Lucas

130

241

0

0

352

723

271

2.41

1.33

Madison

4

21

0

0

11

36

398

1.64

0.90

Mahoning

109

6

0

0

162

277

403

1.62

0.89

Marion

3

4

0

0

34

41

639

1.02

0.56

Medina

43

5

0

0

7

55

1,033

0.63

0.35

Mercer

0

0

0

0

3

3

5,292

0.12

0.07

Miami

0

6

0

0

1

7

5,793

0.11

0.06

Montgomery

569

311

0

0

430

1,310

190

3.46

1.91

Morrow

0

0

0

0

1

1

12,132

0.05

0.03

Muskingum

1

0

0

0

14

15

2,344

0.28

0.15

Ottawa

2

21

0

0

4

27

946

0.69

0.38

Paulding

0

1

0

0

0

1

8,478

0.07

0.04

Perry

2

6

0

0

2

10

1,366

0.48

0.26

Pickaway

16

1

0

0

15

32

581

1.12

0.62

Pike

0

1

0

0

2

3

3867

0.16

0.09

Portage

7

36

0

0

20

63

954

0.68

0.38

Preble

1

1

0

0

0

2

8,593

0.07

0.04

Putnam

0

1

0

0

0

1

12,753

0.05

0.03

Richland

42

77

0

0

39

158

336

1.95

1.08

Ross

16

0

0

0

14

30

982

0.66

0.37

Sandusky

0

2

0

0

11

13

1,943

0.33

0.19

Scioto

68

0

0

0

0

68

501

1.31

0.72

Seneca

4

0

0

0

1

5

4,738

0.13

0.08

Shelby

0

4

0

0

1

5

3,736

0.17

0.09

Stark

308

94

0

0

169

571

275

2.38

1.32

Summit

319

138

0

0

199

656

352

1.86

1.03

Trumbull

53

8

0

0

33

94

1,012

0.64

0.36

Tuscarawas

37

3

0

0

16

56

681

0.96

0.53

Union

32

22

0

0

4

58

262

2.50

1.38

Van Wert

0

13

0

0

2

15

824

0.79

0.44

Warren

46

38

0

0

17

101

581

1.12

0.62

Washington

0

4

0

0

2

6

4,627

0.14

0.08

Wayne

3

52

0

0

29

84

504

1.30

0.72

Williams

0

15

0

0

0

15

1,076

0.61

0.34

Wood

0

36

0

0

2

38

1,249

0.52

0.29

Wyandot

7

2

0

0

0

9

1,036

0.63

0.35

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com)

 

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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